曼昆《经济学原理》第五版宏观经济学习题答案

WHAT’SNEWINTHEFIFTHEDITION:ThereismoreclarificationontheGDPdeflator.TheCaseStudyon“WhoWinsattheOlympics?”isnowanFYIbox.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:whyaneconomy’stotalincomeequalsitstotalexpenditure.howgrossdomesticproduct(GDP)isdefinedandcalculated.thebreakdownofGDPintoitsfourmajorcomponents.thedistinctionbetweenrealGDPandnominalGDP.whetherGDPisagoodmeasureofeconomicwell-being.CONTEXTANDPURPOSE:Chapter23isthefirstchapterinthemacroeconomicsectionofthetext.Itisthefirstofatwo-chaptersequencethatintroducesstudentstotwovitalstatisticsthateconomistsusetomonitorthemacroeconomy—GDPandtheconsumerpriceindex.Chapter10developshoweconomists23MEASURINGANATION’SINCOMEmeasureproductionandincomeinthemacroeconomy.Thefollowingchapter,Chapter11,developshoweconomistsmeasurethelevelofpricesinthemacroeconomy.Takentogether,Chapter10concentratesonthequantityofoutputinthemacroeconomywhileChapter11concentratesonthepriceofoutputinthemacroeconomy.Thepurposeofthischapteristoprovidestudentswithanunderstandingofthemeasurementandtheuseofgrossdomesticproduct(GDP).GDPisthesinglemostimportantmeasureofthehealthofthemacroeconomy.Indeed,itisthemostwidelyreportedstatisticineverydevelopedeconomy.KEYPOINTS:Becauseeverytransactionhasabuyerandaseller,thetotalexpenditureintheeconomymustequalthetotalincomeintheeconomy.Grossdomesticproduct(GDP)measuresaneconomy’stotalexpenditureonnewlyproducedgoodsandservicesandthetotalincomeearnedfromtheproductionofthesegoodsandservices.Moreprecisely,GDPisthemarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiodoftime.GDPisdividedamongfourcomponentsofexpenditure:consumption,investment,governmentpurchases,andnetexports.Consumptionincludesspendingongoodsandservicesbyhouseholds,withtheexceptionofpurchasesofnewhousing.Investmentincludesspendingonnewequipmentandstructures,includinghouseholds’purchasesofnewhousing.Governmentpurchasesincludespendingongoodsandservicesbylocal,state,andfederalgovernments.Netexportsequalthevalueofgoodsandservicesproduceddomesticallyandsoldabroad(exports)minusthevalueofgoodsandservicesproducedabroadandsolddomestically(imports).NominalGDPusescurrentpricestovaluetheeconomy’sproductionofgoodsandservices.RealGDPusesconstantbase-yearpricestovaluetheeconomy’sproductionofgoodsandservices.TheGDPdeflator―calculatedfromtheratioofnominaltorealGDP―measuresthelevelofpricesintheeconomy.GDPisagoodmeasureofeconomicwell-beingbecausepeoplepreferhigherincomestolowerincomes.Butitisnotaperfectmeasureofwell-being.Forexample,GDPexcludesthevalueofleisureandthevalueofacleanenvironment.CHAPTEROUTLINE:I.ReviewoftheDefinitionsofMicroeconomicsandMacroeconomicsA.Definitionofmicroeconomics:thestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinmarkets.Regardlessofwhethermicroeconomicsistaughtbeforemacroeconomicsorviceversa,studentsneedtoberemindedofthedifferencesbetweenthetwoareasofstudy.Beginbydefiningthetwotermsandcontrastingandcomparingtheirfocus.B.Definitionofmacroeconomics:thestudyofeconomy-widephenomenaincludinginflation,unemployment,andeconomicgrowth.II.TheEconomy’sIncomeandExpenditureA.Tojudgewhetherornotaneconomyisdoingwell,itisusefultolookatGrossDomesticProduct(GDP).1.GDPmeasuresthetotalincomeofeveryoneintheeconomy.2.GDPmeasurestotalexpenditureonaneconomy’soutputofgoodsandservices.B.Foraneconomyasawhole,totalincomemustequaltotalexpenditure.1.Ifsomeonepayssomeoneelse$100tomowalawn,theexpenditureonthelawnservice($100)isexactlyequaltotheincomeearnedfromtheproductionofthelawnservice($100).2.Wecanalsousethecircular-flowdiagramfromChapter2toshowwhytotalincomeandtotalexpendituremustbeequal.Figure1StudentshaveheardofGDPandtheyaregenuinelyinterestedinlearningmoreaboutwhatitis.ThebasicpointthatyoumustgetacrossisthatGDPisameasureofbothaggregateproductionandaggregateincomeinanationoveraperiodofoneyear.Youcandemonstratethisbyusingthecircular-flowdiagramandexplainingthatproductiongeneratesincome,whichprovidesthepurchasingpowerthatgeneratesthedemandfortheproducts.a.Householdsbuygoodsandservicesfromfirms;firmsusethismoneytopayforresourcespurchasedfromhouseholds.b.Inthesimpleeconomydescribedbythiscircular-flowdiagram,calculatingGDPcouldbedonebyaddingupthetotalpurchasesofhouseholdsorsummingtotalincomeearnedbyhouseholds.c.Notethatthissimplediagramissomewhatunrealisticasitomitssaving,taxes,governmentpurchases,andinvestmentpurchasesbyfirms.However,becauseatransactionalwayshasabuyerandaseller,totalexpenditureintheeconomymustbeequaltototalincome.III.TheMeasurementofGrossDomesticProductA.Definitionofgrossdomesticproduct(GDP):themarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiodoftime.ToputGDPintermsthestudentmayunderstandbetter,explaintothemthatGDPrepresentstheamountofmoneyonewouldneedtopurchaseoneyear’sworthoftheeconomy’sproductionofallfinalgoodsandservices.HaveacontestandseewhichstudentcancomeclosestinguessingthelevelofGDPfortheUnitedStateslastyear.B.“GDPIstheMarketValue...”1.Toaddtogetherdifferentitems,marketvaluesareused.2.Marketv